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Grapple Mobile Wants You To Know They Did Not Raise $10 Million

January 20th, 2011 01:08 admin Leave a comment Go to comments

A day in the life of a famous tech blogger (citation needed): I was pitched a story yesterday, an exclusive no less, on an ‘interesting announcement’ from Grapple Mobile, which provides technology and services for cross-platform mobile app development.

Sure, I said. Share away, I said.

Turns out the story, which was embargoed until ‘first thing tomorrow’ to confuse matters even further, concerns a financing round. Which didn’t occur.

In a press release, Grapple Mobile says it has rejected $10 million venture capital funding offers to bankroll its expansion. To be more specific, the startup says it has received 2 substantial term sheets from VC firms in the United States and the United Kingdom.

But turned them down because they didn’t need to raise money after all.

It’s a funny (and apparently efficient) way of getting attention, but I’m not so sure why there needs to be any ‘exclusives’, let alone embargoes, about this sort of non-news. Grapple Mobile adds that it has exceeded its revenue expectation by 550% from original company forecasts, which is equally meaningless, since we don’t learn what those original company forecasts were.

I mean, they could have projected to make $1 in 2010 for all I know.

And no, they can’t send me the received terms sheets – those are confidential.

Anyway, Grapple says it is looking to acquire technology and mobile operations that will allow it to extend its existing service, and says it’s already in advanced discussions to buy a technology centric recruitment agency. Unfortunately, they’re not sharing which one, for how much and how such an acquisition would fit into their strategy.

Bizarre stuff, I say, further amplified by Grapple Mobile founder Jamie True’s quoted statement on his company not raising funding from any VC firms whatsoever:

“Grapple has a unique energy and excess funds are flattering but not what we are looking for right now.â€

Duly noted, Jamie. Thanks for sharing!

Any other companies who haven’t raised VC funding and would like to tell the world?

Source: Grapple Mobile Wants You To Know They Did Not Raise $10 Million

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